Business Market 12 Nov 2016 Sensex falls 455 poi ...

Sensex falls 455 points for the week, mark four month lows

PTI
Published Nov 12, 2016, 1:28 pm IST
Updated Nov 12, 2016, 1:32 pm IST
The NSE Nifty also fell 137.45 points, or 1.67 per cent, to close the week at 8,296.30, after shuttling between 8,598.45 and 8,002.25.
The 30-share Sensex resumed higher at 27,552.27 and hovered between 27,743.46 and 25,902.45 before concluding the week at 26,818.82, a loss of 455.33 points, or 1.67 per cent.
 The 30-share Sensex resumed higher at 27,552.27 and hovered between 27,743.46 and 25,902.45 before concluding the week at 26,818.82, a loss of 455.33 points, or 1.67 per cent.

Mumbai: Sensex fell for third week in a row, losing 455.33 points while marking four month lows at 26,818.82, the broader Nifty also fell below the important 8,300-level succumbing to selling pressure following Donald Trump's win and Narendra Modi's demonetisation drive.

Market witnessed high drama for the week amid intense volatile swings before closing lower as highly speculative driven trading momentum.

 

The week's initial two session saw the market gaining on optimism perked up by global stocks gains on Democratic presidential candidate Hillary Clinton's win in US election FBI's clean chit on her personal email server probe, it was supported by stock specific earning results and plan for Infra reform to attract more investment led a short covering rally.

The unexpected victory of Donald Trump in US election and demonetisation of high value currency led an stocks crash as the index touched to hit rock-bottom of 15-month lows at 25,902.45 before bargain hunting and shorts hauled the market to some extent.

 

However, investors resonated to global recovery after factoring Trump victory and his pro-business policies, while banking rally due to demonetisation lifted domestic stocks.

It was short-lived before reality tagged investors with US President-elect huge spending policies for economic expansion would stoke inflation may lead US interest rate hike and dent the appeal of emerging markets.

A rise in US treasury yields and subsequent sell-off in Asian markets led domestic market ending the week to mark four month lows.

The 30-share Sensex resumed higher at 27,552.27 and hovered between 27,743.46 and 25,902.45 before concluding the week at 26,818.82, a loss of 455.33 points, or 1.67 per cent.

 

The gauge has lost 1258.36 points in three weeks. The NSE Nifty also fell 137.45 points, or 1.67 per cent, to close the week at 8,296.30, after shuttling between 8,598.45 and 8,002.25.

The selling was led by realty, consumer durables, auto, IT, tech, FMCG, capital goods and IPOs counters, also dropped were secondline shares of midcap and smallcap company shares.

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